HOUSTON, May 5, 2004 (PRIMEZONE) -- Coastal Holdings, Inc. (Pink Sheets:CSJJ) is pleased to announce the acquisition of a major stake in Vetdermal Systems Limited, an England-based company that is developing an innovative drug delivery system for animals. Vetdermal's novel drug dosage system is based on a unique technology platform originally developed in Israel. The company is planning drug trials in the coming months with strategic partners in the industry.
Mr. Mayir Asher, Vetdermal CFO, said that he was very excited about this new investment from Coastal Holdings and believed that this would contribute to the company's future development in both Europe and the United States. Coastal Holdings CEO, Mr. Andrea Cortellazzi, said that this investment is a major step forward in the growth strategy of the company. Vetdermal Systems is a good fit with respect to our mission to become a dominant, leading-edge technology holding company.
Please be aware that all CortDev, Inc. (Pink Sheets:CDVJ) shareholders will receive CSJJ shares based on the settled CDVJ shares in their account(s) on the May 19 date of record. CDVJ shareholders will receive 1 restricted share of CSJJ common stock for every 100 shares of CDVJ common stock owned.
For further information please contact CEO Andrea Cortellazzi at (514) 830-3348 on Monday after his return from Tel-Aviv, Israel.
Forward-Looking Statements
Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, and uncertainty of future revenue and profitability and fluctuations in its quarterly operating results. More information about potential factors that could affect the company's business and financial results may be obtained by contacting the company at by phone at 514-830-3348. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.